Singapore Leapfrogs US to Become World’s Most Competitive Economy

DOU SHICONG

(Yicai Global) May 29 — Singapore’s advanced infrastructure, favorable immigration policies and business startup efficiency have made it the most competitive economy in the world, more so than last year’s title holder the United States, according to the International Institute for Management Development.

This year was the first time Singapore had returned to the top of the IMD’s leaderboard in nine years, the Switzerland-based business school said in its annual rankings for 2019.

Hong Kong came in second with its “benign tax and business policy environment” while the US fell to third place amid waning confidence from recent tax cuts and declining high-technology exports. The Chinese mainland came in 14th.

The Asia-Pacific region as a whole performed well, with 11 of 14 economies in the region either holding their ground or ascending the table. Indonesia was the fastest gainer after leaping to 11th from 32nd last year.

IMD first issued the rankings in 1989. They evaluate 63 economies around the world based on 235 criteria spanning four categories: business efficiency, economic performance, government efficiency and infrastructure.

Editor: James Boynton